After a big drop on Tuesday, crude oil prices rose more than 2% on Wednesday because of fears Hurricane Francine might hit U.S. offshore oil production and cause production shutdowns.
The gain also came as the country reported an increase in crude inventories. However, the Cushing Hub saw a decline.
West Texas Intermediate crude rose $1.56 or 2.37% per barrel and finished at $67.31 on the New York Mercantile Exchange.
Brent crude settled up $1.42 or 2.05% at $70.61 a barrel on ICE Futures Europe.
Oklahoma energy stocks were split in Wednesday’s trading. NGL Energy Partners gained 5% but Mach Natural Resources and a few others recorded 2% losses.
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